DBS Bank launched a digital banking platform called digibank in Singapore in 2016 that has since expanded to India and Indonesia. The platform focuses on integrating banking services into customers' lifestyles and daily needs. DBS worked with EY to develop its strategy in Indonesia, focusing on differentiating digibank by addressing key pain points and integrating banking seamlessly into customers' digital lives. DBS aims to offer banking services beyond transactions and become embedded in customers' experiences through integrated digital ecosystems.
DBS Bank was recognized by Harvard Business School as one of the top ten digital transformations of the last decade and it also won the top three most prestigious world bank awards.
This presentation is a summary from my book World’s Best Bank - A Strategic Guide to Digital Transformation that tells the story of how DBS became the world’s best bank by leveraging digitalization.
This ppt is based on how DBS Bank has achieved digitization, vision, mission, profit, growth, market strategy, history, details, limitations, achievements, awards, CEO, products, applications they created, charts. This case study will give brief about how they become digitally strong and powerful in Asian market
Neobank is taking over the Fintech industry by Ne Dofofan globally. Every day we see a Neo player in the market whose main purpose is to make financial services simpler.
DBS Bank was recognized by Harvard Business School as one of the top ten digital transformations of the last decade and it also won the top three most prestigious world bank awards.
This presentation is a summary from my book World’s Best Bank - A Strategic Guide to Digital Transformation that tells the story of how DBS became the world’s best bank by leveraging digitalization.
This ppt is based on how DBS Bank has achieved digitization, vision, mission, profit, growth, market strategy, history, details, limitations, achievements, awards, CEO, products, applications they created, charts. This case study will give brief about how they become digitally strong and powerful in Asian market
Neobank is taking over the Fintech industry by Ne Dofofan globally. Every day we see a Neo player in the market whose main purpose is to make financial services simpler.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
Bank of the future: Digital Transformation StrategyNawaf Albadia
A guide to planning and executing Digital Transformation Strategy to build your Digital Bank of the Future. A framework to implement digital experience, digital business and digital innovation
Diving deep into literally millions of interactions and conversations with different networks such as Facebook, Twitter and Instagram, blogs, forums and news sites in order to bring you analytical info about how social media affects different sectors like:Sharing Economy, Banking and Finance, Ecommerce, Telecom and Fintech.
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
The Rise of NeoBanks with the Power of Technology Aspire Systems
In the Australian SME sector, the advancement in technology has lowered the barrier cost for entry. Investors together ideated and created Judo Bank, Australia's first SME Challenger Bank.
MEDICI’s new ‘Indonesia FinTech Report 2021’ analyzes the country’s FinTech sector and trends in the last three years—a deep-dive by segments & subsegments, funding patterns, M&As, ecosystem partnerships, industry drivers, and perspectives drawn out of regulatory, geopolitical, economic, and market dynamics.
Accessibility of Digital Banking on Customer Satisfaction: National bank of K...iosrjce
Banks have been forced to deleverage and identify alternative sources of value as a result of increased
regulations and competitive challenges. This has led to the introduction of digital banking where technology is
mostly embraced while carrying transactions. However, customers are still waiting for this new banking
experience, touted as a revolutionary transformation that will bring many new features, including anytime and
anywhere banking, ultra-fast response times, and omnipresent advisors. The objective that guided the study: To
establisheffect of accessibility of digital banking on Customer Satisfaction case of National Bank of Kenya,
Bungoma County. The target population for the study was bank customers and banking staff from National Bank
in Bungoma County and a sample size of 417. Descriptive survey design was undertaken. Data was collected
using questionnaires, interview schedules and document reviews. Analysis was done with the aid of Statistical
Package for Social Sciences where both descriptive and correlation analysis were performed. The findings of
the study established there was a significant relationship between accessibility of digital banking and
customer’s satisfaction, χ2
(6, N=350) =390.74, P= 0.00. The study recommends that Mobile banking and POS
terminals, need to come up with an application that can be used to enhance digital banking.
Impact of Digital Banks on Incumbents in SingaporeVarun Mittal
Incumbents have to act now in order to be prepared for the digital bank launch in Singapore by 2021. The New Digital Banks (NDBs) aim to launch customer-centric, differentiated products to meet
their lifestyle goals along with simple and superior user experience.
The new age customers expect transparency and frictionless
experience from their banks.
The incumbent banks should leverage the trust and relationship
built with their customers over the years. They should re-evaluate
their strategy, invest in understanding customers’ needs and enable a digital experience that is at par with leading technology players in the market. Incumbents should take timely action by choosing a viable option to position their business ahead of competition and disruption!
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
Bank of the future: Digital Transformation StrategyNawaf Albadia
A guide to planning and executing Digital Transformation Strategy to build your Digital Bank of the Future. A framework to implement digital experience, digital business and digital innovation
Diving deep into literally millions of interactions and conversations with different networks such as Facebook, Twitter and Instagram, blogs, forums and news sites in order to bring you analytical info about how social media affects different sectors like:Sharing Economy, Banking and Finance, Ecommerce, Telecom and Fintech.
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
The Rise of NeoBanks with the Power of Technology Aspire Systems
In the Australian SME sector, the advancement in technology has lowered the barrier cost for entry. Investors together ideated and created Judo Bank, Australia's first SME Challenger Bank.
MEDICI’s new ‘Indonesia FinTech Report 2021’ analyzes the country’s FinTech sector and trends in the last three years—a deep-dive by segments & subsegments, funding patterns, M&As, ecosystem partnerships, industry drivers, and perspectives drawn out of regulatory, geopolitical, economic, and market dynamics.
Accessibility of Digital Banking on Customer Satisfaction: National bank of K...iosrjce
Banks have been forced to deleverage and identify alternative sources of value as a result of increased
regulations and competitive challenges. This has led to the introduction of digital banking where technology is
mostly embraced while carrying transactions. However, customers are still waiting for this new banking
experience, touted as a revolutionary transformation that will bring many new features, including anytime and
anywhere banking, ultra-fast response times, and omnipresent advisors. The objective that guided the study: To
establisheffect of accessibility of digital banking on Customer Satisfaction case of National Bank of Kenya,
Bungoma County. The target population for the study was bank customers and banking staff from National Bank
in Bungoma County and a sample size of 417. Descriptive survey design was undertaken. Data was collected
using questionnaires, interview schedules and document reviews. Analysis was done with the aid of Statistical
Package for Social Sciences where both descriptive and correlation analysis were performed. The findings of
the study established there was a significant relationship between accessibility of digital banking and
customer’s satisfaction, χ2
(6, N=350) =390.74, P= 0.00. The study recommends that Mobile banking and POS
terminals, need to come up with an application that can be used to enhance digital banking.
Impact of Digital Banks on Incumbents in SingaporeVarun Mittal
Incumbents have to act now in order to be prepared for the digital bank launch in Singapore by 2021. The New Digital Banks (NDBs) aim to launch customer-centric, differentiated products to meet
their lifestyle goals along with simple and superior user experience.
The new age customers expect transparency and frictionless
experience from their banks.
The incumbent banks should leverage the trust and relationship
built with their customers over the years. They should re-evaluate
their strategy, invest in understanding customers’ needs and enable a digital experience that is at par with leading technology players in the market. Incumbents should take timely action by choosing a viable option to position their business ahead of competition and disruption!
Perspective- Multi Channel Banking: A Five Point Strategy Infosys Finacle
The last two decades have witnessed a paradigm shift in the way people bank. While the shift from branches to ATM based cash withdrawals and from there on to internet banking was slow, it has been a different story in the case of mobile banking. The growth in adoption of mobile banking over the last three years has been tremendous. Many banks have rolled out internet banking, mobile banking, call centers, ATM based transactions and video banking. But, have banks moved from multiple channels to true multi-channel banking with seamless cross channel experiences?
Here we explore a five point strategy that would empower banks and financial institutions to define a robust multi-channel offering.
REVOLUTION OF DIGITAL FINANCE IN INDIA – TRENDS &CHALLENGESIAEME Publication
Digital is an unstoppable force that is redefining the financial services sector. Those institutions that know instantly what their customers and employees want can stay one step ahead of competitors. Thinking about digital strategically, and working with partners that can deliver innovation, will be key factors in long-term success. Financial services industry as a driver of economic growth. Deep capital markets and strong financial institutions give consumers easy ways to save, invest, borrow and plan for their future. Enterprises and small businesses, in turn, depend on financial institutions to raise capital for growth, efficiency, and infrastructure expansion. This cycle of saving, investing and lending is crucial foremerging economies like India to sustain economic growth. The government and the RBI whohave been experimenting with various initiatives, including Jan Dhan Yojana, creation of payment banks, and Rupay to enable domestic card payments systems among other initiatives. But policy alone cannot deliver the promise of financial inclusion. Technology-ledinnovation in financial services is needed to enable rapid, large-scale, and positive change. For the growth of any country’s economy various sectors play a very important role. In the Indian economic growth banking sector is the most important aspects. Banking sector become the backbone of Indian economy. Any changes regarding technology or other aspects directly impact the growth of the economy. With the change in technology various changes occur in banking sector. Now more of customers are educated. They don’t want to stand in queue for various activities like: Make payments, Deposit Cheque, Open bank accounts, Deposit Cheque and many more. With the change in time now digital banking introduced and it proves a star for the banking sector. Today’s era accepts this digital banking concept very easily and in a short time period it become more demanded mode of transaction in the market. In this paper we analyses the concept of digital finance. How it effects the human life. The research is based on secondary data. The concept of digital finance in banking industry brings numerous opportunities. But with every benefits some risk also introduced. And this digital banking also come with some risk.
Digital intervention is a reality in today’s banking business and banks need to adapt and respond to this change to stay ahead of competition. The digital foreground has presented banks with a huge opportunity to attract new customers, lower costs, develop new propositions and business models, as also explore customer value to its maximum. To create a digital environment is now a priority for all banks and they need to undergo considerable investment for complete transformation.
The CII-PwC report titled, Banks taking a quantum leap through digital, released at CII National BANKing TECH Summit by Mr H R Khan Dy Governor RBI, Mr A P Hota MD& CEO National Payments Corporation of India and M S RaghavanChairman & MD, IDBI Bank.
Digital Transformation is far beyond just moving from traditional banking to a digital world. It is a vital change in how banks and other financial institutions learn about, interact with and satisfy customers.
Disruption, mobile and financial servicesNadya Powell
A presentation given for the IPA on disruption, mobile and financial services. Three strategies to employ and the best disruptive uses of mobile out there. Thanks to Zoe Decool for research help.
Opportunities for disruption in Financial Services (with a mobile focus)Nadya.Powell
A talk given at the IPA on opportunities for disruption in Financial Services with a focus on mobile. Three strategies to employ, case studies and three golden rules. Thanks to Zoe Decool for research help.
Digital Transformation in Banking Financial Services Industrysethnainaa
Digital Transformation is more than just moving from traditional banking system to
a digital one. It is a vital change in how banks and other financial institutions learn
about, interact with, and satisfy customer’s needs. The age of “Customer is King”
has truly arrived.
Digital Transformation in Banking Financial Services Industrydrishtipuro1234
Digital Transformation is more than just moving from traditional banking system to a digital one. It is a vital change in how banks and other financial institutions learn about, interact with, and satisfy customer’s needs. The age of “Customer is King” has truly arrived.
Why Banks Must Become Smart Aggregators in the Financial Services Digital Eco...Cognizant
Financial institutions must embrace a partnership-driven approach to remain relevant amid fintech digital disruption, while evolving their capabilities to deliver against tomorrow’s market needs.
Going Digital: The Banking Transformation Road MapSemalytix
The leaders in digital banking are more client-centric, tech-savvy, and inclusive—and are fundamentally changing to deliver the best results.
Most banks today want to become digital banking leaders—after all, that's where the customers are. And for much of the past decade as digital banking has taken hold, most leading traditional banks have incorporated strong digital strategies.
So what separates the digital banking leaders from the laggards? A new A.T. Kearney study on digitization, in conjunction with Efma, seeks the answer and finds three main findings: the leaders understand the importance of mobile in a digital strategy, they are developing more agile operating models, and, most notably, they have tackled the need for internal culture shifts (see sidebar: About the Study).
With top-down implementation, these leaders have set their paths toward becoming more client-centric, more tech-savvy, and more inclusive. As the market evolves even more rapidly through the end of the decade, all banks will have to adapt to a disruptive model in people and IT—the two engines of retail banking—and must fundamentally adapt to deliver the best results.
This paper looks at the trends and the path forward.
The Evolving Digital Journey
Most banks began their digital journey years ago and have clear digital strategies, yet even those are facing major changes. In particular, as more customers use their mobile phones and tablets to do their banking, and omnichannel takes hold in financial services, the mobile experience is becoming a crucial aspect of digital strategy that banks must address.
Secondly, to keep up in this fast-changing market, traditional banks will have to adapt their operating models. In particular, changes in IT, new products and services development, and changing expectations for time-to-market will be key factors going forward.
Perhaps the most important step, however, is that banking in the digital age requires a drastic, profound reset of how banking staff reacts to customer needs. This means thinking customer first, rather than by channel; as one panelist puts it, "Banks think in channels, but customers don't." It means being conscious that small digital players can gain market share faster and in a manner that is more disruptive to traditional banks' models. It means understanding that organizational silos pose significant obstacles to creating new solutions for customers. Most importantly, it means looking inward, changing organizational beliefs and habits to facilitate clients and drive digital innovation.
A new spirit of banking—led by top executives—will lead the way to addressing market changes, becoming more agile, and improving openness in day-to-day business.
- See more at: http://www.atkearney.com/latest-article/-/asset_publisher/lON5IOfbQl6C/content/going-digital-the-banking-transformation-road-map/10192?_101_INSTANCE_lON5IOfbQl6C_redirect=#sthash.oKsJGij3.dpuf
Asian insurance, pensions, and wealth management undergo rapid change, what a...Varun Mittal
What are the key trends changing the insurance, pensions, and wealth management industries in Asia?
And how can companies best capture growth?
These topics were among those discussed at the recent Singapore FinTech Festival (SFF). Since its
inception in 2016, SFF has become the premier platform for the global fintech community to engage,
connect, and collaborate on issues relating to the confluence of financial services, public policy, and
technology. SFF attracted 62,000 participants from over 115 countries—the largest SFF gathering ever.
It featured 850 speakers, 570 exhibitors, including 25 country pavilions, and over 4,000 meeting
through the business matching platform.
With inflation persisting and growth slowing, many fintech firms are trying to remain viable. With that
background, three key themes emerged at SFF that hold opportunities for insurance companies in Asia.
First, we discussed how risks for the current generation have changed, creating new paths of growth
as technology spreads across all sectors and functions in the insurance industry. The changing
behavior of consumers triggers new opportunities by demanding unconventional ways of redefining
customer relationships.
Second, a widening pension gap caused by an aging population, the rise of self-employment, and the
gig economy offers opportunities. We foresee that people caught in this gap could succumb to further
risks raised by rising inflation, longer lifespans, and the rising cost of healthcare. Further, we discussed
micro-pensions and micro-investments and how they would take off in the coming years.
Third, Asia’s financial wealth stands at $180.6 trillion as of 2021, or roughly 40% of global wealth, and
we expect continued growth. This causes more customers to get serious about financial planning. We
also discussed approaches to reaching Generation Y and Z customers who require an omnichannel
experience to maintain high engagement.
We also had pragmatic discussions around artificial intelligence (AI) and embedded insurance. AI is still
nascent, with regulators constantly figuring out how AI and machine learning play a role in insurance.
Embedded insurance, meanwhile, needs to work seamlessly in the customer journey.
This report covers the three main megatrends to watch in the landscape of Asia’s life and health insurance,
as well as the key imperatives insurers should take to capture the significant opportunities in the market.
Southeast Asia (SEA) is one of the most dynamic regions for FinTech globally. Driven by budding economies, expanding populations, rapid ecommerce penetration, and a growing middle class, FinTech investments across the 10 ASEAN nations reached US$4.3billion (S$5.7billion) during the first nine months of 2022, higher than 2018 to 2020 combined. According to Pitchbook data, the number of FinTech deals in SEA grew over 4x between 2015 to 2022 (from 56 to 225), reaching a record high in 2021, while the number of VC and PE-backed FinTech companies in the region saw similar growth.
Despite a slowdown in H1 2023, FinTech will remain a key engine of growth for SEA, and therefore a key hub for talent. Given the high levels of investment in FinTech, private capital has an outsized ability to influence the status quo in Southeast Asia. If VCs were to increase diversity, equity and inclusion (DEI) across their portfolio, they could greatly impact the way businesses are led and managed in the region. Additionally, research has shown that diversity leads to better investment outcomes, with a recent study in Europe showing that VC funds managed by mixed-gender teams reported a higher annual internal rate of return (IRR), and in particular, teams predominantly composed of women outperformed all-male teams by a notable 9.3 percentage points. Further, mandates and scrutiny around DEI has increased in recent years, with institutional investors and other limited partners (LPs) beginning to bring DEI criteria into their thinking as they allocate funds to general partners (GPs). This reinforces the importance of understanding the industry’s current talent composition, both at the startup as well as at the investor level, and exploring ways the industry can enhance diversity moving forward.
Combining quantitative data with interviews from several leading women founders and investors in the region, Russell Reynolds Associates partnered with the Singapore FinTech Association and FinTech Nation to develop a better understanding of the current state of gender diversity within SEA’s FinTech startup ecosystem, and to highlight challenges, opportunities, and recommendations for the path forward.
State of play: gender diversity across SEA FinTech landscape
Looking across funding stages and role types, from early stage to late stage to public companies, from management to board to even investors, women are heavily underrepresented within the SEA FinTech ecosystem. Across almost 2000 executives in management, board, and investor roles, only 252 are women (13%). It is worth noting that this is in line with broader SEA, across all VC-backed companies in the region (regardless of sector), women account for roughly 14% of management, board, and lead investors.
The Index measures the degree to which individuals in Singapore feel financially free and is the result of a comprehensive consumer survey. Between December 2022 and January 2023, we engaged 3,000 Singaporeans and Permanent Residents aged between 18 and 65, representing diverse income levels and life stages.
Financial Freedom Index - Platform WorkersVarun Mittal
Launched Financial Freedom Index - Platform Workers researching 500 platform workers and key platforms like Grab, Gojek, Deliveroo, and Foodpanda bringing their opinions, insights, and recommendations to support platform and gig workers achieve better financial inclusion.
Varun Mittal, Partner of EY Asia Pacific Financial Services Strategy and Transaction Services, talks about all things FinTech. We begin by going over the tech foundation that has been built up over the past decade, which is now enabling a wave of innovation. Varun scans both the start-ups and big tech companies, and details his views on payments, wallets, remittance, regulation, WealthTech, e-currency, and digital banks. We discuss the role of FinTech in levelling the playing field between the wealthy and not-so-wealthy investors, and between those who have access to banking services and those who don’t. As the co-author of "Singapore – Fintech Nation of the World,” Varun is particularly passionate about Singapore’s model of strict compliance and risk mitigation, which he believes is particularly suited for success in the regulated world of FinTech.
A compiled detail version of EY Customer Segment Offerings to these group of people - Migrant Workers, SMEs, Entrepreneurs, The Future Silver Economy, Rural Agri-Laborers, Students Studying Abroad, Non-Profit Organizations (NPOs), Gig Economy Workers, SINKs & DINKs and NSF
We are providing one-stop solution help organizations understand eligibility and availability of incentives. We offer assessment, management, certification and government agency interfacing to our clients bringing transparency, accountability and scalability for innovation and finance departments at our clients.
Providing an End to End value proposition to our financial services clients looking for innovative solutions with expertise around co-creation of problem statements, outreach to the vast network of FinTechs, assess the fintech solutions and organize an innovation challenge.
Fe credit case study - How one of the first non-bank financial credit compani...Varun Mittal
Empowered FE Credit, one of Vietnam's oldest and largest consumer credit companies as well as other FinTech partners to implement a robo-lending platform app, $NAP, which digitalizes the entire process of customer on-boarding, loan application, know-your-customer (KYC), credit underwriting, loan approval and disbursement. With this platform application, FE Credit has been able to shorten the borrowing process from 4-5 days to less than 15 minutes, drastically increasing its appeal to customers and overcoming the challenges inherent in the traditional lending model.
The future of fin tech and financial servicesVarun Mittal
In this roundtable, held as part of the investment summit — “ Deal Day” powered by EY in November — we hosted 22 senior financial services executives investors and FinTech founders to talk about the evolving trends around FinTech innovations and investment in the next 12 months.
Digital bad debts collection platform using machine learningVarun Mittal
Transforming bad debts collection processes with machine-learning software that analyzes digital footprint of customers, which allows collection processes to be ranked meaningfully, in turn increasing efficiency of collection and identification of defaulters.
Leveraging AI for data analytics and retrievalVarun Mittal
Optimizing credit scoring processes for the unbanked through an alternative credit scoring solution that integrates artificial intelligence and big data analytics to generate holistic creditworthiness assessment, allowing financial institutions to make more informed decisions regarding loan disbursements to customers with little to no credit file.
Improving financial crime compliance (FCC) review processes with a machine-learning solution that effectively increases productivity and the use of unstructured data, reduces human error and risks of fines related to compliance, and lowers average on-boarding period for compliance systems.
Enabling identify authentication through machine-learning, resulting in reduced operations costs and time taken to detect suspicious behaviors, increased security and customer satisfaction.
Automating data processing and manual documentation of information so as to increase overall data processing speed, security and productivity by leveraging on a scalable and automated data integration software.
How EY and Credit Suisse teams brought growth opportunities to future leaders...Varun Mittal
EY and Credit Suisse teams co-hosted the CS-EY FinTech Forum. The forum attracted over 90 participants from top financial institutions in Bangkok, Jakarta, Kuala Lumpur, Manila, Melbourne, Mumbai and Singapore, as well as 25 FinTech firms with headquarters in Singapore, Indonesia and India. EY teams are committed to work with industry participants to help bring about greater FinTech integration to countries in ASEAN-6 and India.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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Case study: DBS's digitalization in Southeast Asia
1. How the biggest
bank in Singapore
is driving digital
innovation in
Southeast Asia
2. 2 | How the biggest bank in Singapore is driving digital innovation in Southeast Asia
Should adapting services to a customer
always be at the top of a bank’s agenda
in every market?
DBS Bank’s internationalization strategy is built on the cornerstone of a customer-
centric digital platform which goes beyond banking by focusing on the customer’s
lifestyle and evolving needs.
March 20161
marked a watershed moment for DBS Bank as it
launched its innovative full-stack digital banking platform, the
digibank, in Singapore. In the first two weeks of its soft launch,
the app had seen more than 200,000 downloads2
.
Within a year, DBS Bank had expanded the app across two
high growth markets: India and Indonesia. Today, the bank is
servicing more than two million online users in both countries
and is expecting 8.5 million customers by 2021 — and none of
them would ever set foot into a DBS branch.
A US$375b3
asset size bank which serves more than 80% of
Singapore’s population, digibank represents a FinTech-led
strategy for entering new markets and growing organically,
and to move forward in a digital-led economy and getting
more embedded within their customers’ lifestyle. It is meant
to manage customer digital engagement and provide a range
of services centered on the evolving life needs and lifestyle of
the customer.
For DBS, payments and transaction enablement was a starting
point in many markets, in order to acquire customers and
create stickiness. Over time, digibank is expected to evolve
to offer the entire suite of banking services and more. This is
what lays behind its “Live More, Bank Less” vision.
EY has been a proud collaborator to DBS in this journey,
advising on the formulation of strategy for Indonesia.
The battle for the Indonesian customer
It is evident that the increasing use of technology is
changing consumer behavior in Indonesia. Despite being
mostly unbanked, Indonesia boasts a young and tech-
savvy population. The country has over 106 million
social media users who make over 3.2 million paid online
transactions per day4
on social media and e-commerce
websites. Although most consumers still make
payments through bank transfers and cash-on-delivery,
it is observed that many people are already using or
interested in internet banking.
Capitalists and entrepreneurs have surely taken notice,
with some of the region’s largest tech-unicorns based
here, including Go-Jek, Tokopedia and Traveloka. Some
of the largest FinTech conglomerates in the world,
including Alibaba’s Ant Financial, Tencent and Softbank,
have made significant investments in this market. The
local conglomerates, including Sinarmas Group, Salim
Group and Lippo, too have launched their own digital
propositions, to form protective moats around their
ecosystems. The battle for the Indonesian customer’s
attention is on and it is anything but pretty.
Source:
1. DBS Website
2. DBS Website
3. DBS Annual Report
4. EY Research
3. 3How the biggest bank in Singapore is driving digital innovation in Southeast Asia |
In this highly-competitive environment, EY worked with
DBS to answer the following questions to form their
growth strategy in Indonesia:
• What business propositions will solve the customer’s
key and urgent pain points today?
• What use-cases will give digibank a distinct value
proposition to differentiate itself?
• Will the proposition help digibank accelerate customer
acquisition?
• Can this be a tactical move that has high future
strategic value as well?
DBS understood that to grow its business in this
environment, against competitors that in many cases did
not have the pressures of quarterly public capital market
reporting, it needed a differentiated and compelling
proposition. It was going to be important that the digital
bank addresses the pain points customers most often
face, including inconvenient transaction handling, lack of
service personalization and lack of context.
Providing digital banking
services will soon come to
be a norm in the market.
We want to be more than
a provider of simple and
effortless online banking,
we want to provide an
experience where banking
is seamlessly integrated into
the lifestyle of the tech-savvy
and young population
in Indonesia.
“
Leonardo Koesmanto
Head of Digital Banking,
Consumer Banking Group
DBS
4. 4 | How the biggest bank in Singapore is driving digital innovation in Southeast Asia
Defining “banking”
for a new age
By seeking to integrate into all aspects of the customer’s digital life, DBS and EY are
enhancing customers’ digital banking experience, integrated multi-channel transaction
features to improve stickiness and fractured and fragmented customer experiences will
provide opportunities for entry via interoperability.
While increased acceleration in grassroots innovation is
great for solving societal pain-points and offering a variety
of services across segments, it also leads to increased
fragmentation. Moving between platforms is clunky and not
seamless, leading to a broken customer experience, errors and
increased operational risks within platforms. Imagine buying,
paying for and getting delivery of an item of interest off of an
Instagram hosted store? There are multiple points of failure.
DBS is very much aware of these existing and evolving pain-
points, and a seamless customer experience is at the heart
of digibank.
Larger Indonesian local banks have adopted internet banking
as the core feature of their service proposition. As Indonesia
consumers becoming more digitally adept, the preference
toward digital channel comes naturally into play. With
increased competition from outside the traditional financial
services sector, there is a need to go beyond offering a high-
quality web and mobile experience. It requires a complete
rethink of the current financial services delivery model:
• From product centric, to customer centric
• Process orientation, to customer experience
• Competition to collaboration
• Traditional product placement to contextual
• Low engagement to high engagement
Numerous factors influence customer experience, many of
which are intangible and driven by emotion or perception. In
the past, banks have focused on giving competitive interest
and merchant discounts. EY research however, suggests that
customers put greater importance on intangible factors such
as convenience and relevancy. The more banks can remind
customers on a daily basis of their superior service, the more
likely customers will pick them as the bank of choice in all
aspects of their life. The DBS strategy is one such compelling
approach to a transactional digital banking.
“To win the digital banking competition, a bank must
strategically manage multichannel, to create a seamless
customer experience,” says Nam Soon Liew, Managing Partner,
EY ASEAN Markets Leader, Ernst & Young Solutions LLP,
“An integrated transaction-platform ensures the transaction
journey remains reliable regardless of the customer’s
preferred device. This process will help to create a wonderful
and consistent experience for customers, thereby increasing
their loyalty to the platform.”
5. 5How the biggest bank in Singapore is driving digital innovation in Southeast Asia |
Building scale through beyond-banking ecosystems
Capitalizing on the emergence of integrated digital
ecosystems that serve customers without having
to leave.
With the growing number of traditional players (e.g.,
banks, telcos, etc.) and new-economy players (e.g.,
FinTechs, ride-sharing platforms, etc.) offering digital
services, there are increasingly blurring boundaries
between sectors. This trend provides ample opportunities
for financial institutions to merge their services into
customers’ daily life, including bringing offline services
to online.
“For customers, banking service is a means to an end:
buying groceries, growing a business, or purchasing
services. By only attending to one part of the customers’
journey, banks might miss out on substantial value. As
Asia’s banking customers migrate to digital channels,
banks are expected to follow suit by developing
integrated digital banking capabilities,” says Varun Mittal,
Director, EY Global Emerging Markets FinTech Leader,
Ernst & Young Solutions LLP.
Looking into such trends, EY professionals advised DBS
on how to capitalize on opportunities within the banking
and non-banking journeys of the customer.
“The starting point was more than 50 different retail
payment use-cases that surround a customer’s life.
Narrowing them down on criteria such as, macro-
economic trends, use-case market potential, existence
of competition, ability of DBS to create a differentiated
proposition, etc., the number of use-cases was
eventually narrowed down to three and presented as
recommendations. This ‘Growth Hack’, built upon EY’s
proprietary use-case scoring framework, allows platforms
to objectively evaluate use-cases and select the ones
that allow them to meet their business objectives.” says
Patrick Hanna, Partner, EY Transaction Advisory Services
Leader, Ernst & Young Solutions LLP.
A platform wrapped around
customers’ daily life is the perfect
place to offer additional services.
Such feature helps DBS enrich its
relationship with existing customers
and at the same time, increase
monetization opportunities.
“
Patrick Hanna
Partner,
Transaction Advisory Services Leader
Ernst & Young Solutions LLP
6. 6 | How the biggest bank in Singapore is driving digital innovation in Southeast Asia
Live more, bank less!
DBS’ foray into Indonesia and India has resulted in an exciting
strategic approach to digital services that solves key societal
pain-points, while allowing for a seamless, integrated and
personal digital experience. In emerging countries where there
are more internet users than there are banked customers,
this approach can drive significant growth, while managing
customer acquisition cost. The platform successfully
helped to enhance customers’ experience as well as attract
new customers.
Launching a successful digital
banking operation requires
understanding the customer’s
behavior evolution and the resulting
change in their needs. By focusing
on customer-centricity, banks will
be able to deliver superior digital
experiences and stay ahead of
their competitors.
“
Varun Mittal
Director,
Global Emerging Markets FinTech Leader
Ernst & Young Solutions LLP
Better digital banking
experience means a
better life for customers
7. Liew Nam Soon
Managing Partner,
ASEAN Markets Leader
Ernst & Young Solutions LLP
+65 6309 8092
nam-soon.liew@sg.ey.com
Contacts
For more information, please contact: